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…the relative decline of the United States as an international force also comes with a silver lining. For decades, the United States has been the global rescuer of last resort. It is a role that has brought significant costs, both financial and human.

The last few months may well end up being an inflection point, in which the United States, though easily still the world’s leading power, no longer has quite the responsibility or the burden it once did. The pattern has been evident in the Arab Spring, with the American military playing mostly a supporting role in Libya, and now in the European financial crisis, with Asian money coming to aid the Europeans. …

In many ways, the situation is a natural evolution of the campaign promises made by Mr. Obama in 2008, when he vowed to turn away from the Bush administration’s more unilateral approach.